A Silicon Valley-based investment firm is launching a new $600,000,000 metaverse fund in its latest drive to embrace crypto assets.
In a new corporate blog post, venture capital giant Andreessen Horowitz announces the launch of Games One Fund, a fund dedicated to supporting innovation in the games industry and building the infrastructure under underlying metaverse.
Andreessen Horowitz says he plans to use the fund to invest in game development studios, consumer apps that offer supporting games, and the Metaverse framework itself, which the company says is the future of the game.
“Long term, we believe that games infrastructure and technologies will be the key elements of the metaverse…
As games evolve into virtual worlds and online services, the demand for the tools and services needed to create great games is skyrocketing. Not only is this infrastructure important for games per se, but we also believe that the coming metaverse will be built by game companies, using game technologies.
According to the company, video games have undergone a radical transformation over the past decade, becoming social media-like networks that can utilize Web 3.0 digital assets.
“Over the past decade, games have undergone a dramatic transformation from mere packaged entertainment to online services that are more like social networks and evolve like consumer technology companies…
In addition, games also drive innovation across the consumer ecosystem, paving the way for best-in-class mechanisms for user engagement, retention, and monetization, such as microtransactions, Battle Passes and Web 3.0 Tokens.
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Featured Image: Shutterstock/Athitat Shinagowin